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Oil falls to lowest in nearly 3 mths as U.S. tariffs on Mexico stoke economy worries

Published 05/31/2019, 09:10 AM
Updated 05/31/2019, 09:20 AM
Oil falls to lowest in nearly 3 mths as U.S. tariffs on Mexico stoke economy worries
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SYDNEY, May 31 (Reuters) - Oil prices dropped 1.5% percent
on Friday to their lowest in nearly three months after U.S.
President Donald Trump said he would impose tariffs on imports
from Mexico, stoking fears about global economic growth.
Front-month Brent crude futures LCOc1 , the international
benchmark for oil prices, were at $65.86 at 0019 GMT, their
lowest since March 11. That was down just over a dollar, or
1.5%, from last session's close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $55.78 per barrel, down 81 cents, or 1.5%, from their last
settlement. WTI earlier marked its lowest since March 8 at
$55.66 a barrel.
Trump ramped up trade tensions globally by vowing to slap
tariffs on all goods from Mexico, firing up fears over economic
growth and appetite for oil. Crude prices have also been under pressure from a
smaller-than expected decline in U.S. stockpiles.
The U.S. Energy Information Administration (EIA) said U.S.
crude stocks fell nearly 300,000 barrels last week, less than
the 900,000-barrel decline analysts forecast in a Reuters poll
and well below the 5.3 million-barrel drawdown the American
Petroleum Institute (API) reported late Wednesday. API/S
EIA/S ENERGYUSA ENERGYAPI
Meanwhile, top oil exporter Saudi Arabia has raised
production in May, a Reuters survey found, but not by enough to
compensate for lower Iranian exports which collapsed after the
United States tightened the screws on Tehran.
Washington will sanction any country which buys oil from
Iran after the expiration of waivers on May 2, U.S. Special
Representative for Iran Brian Hook said on Thursday.

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